CALGARY, Nov. 26, 2018 /CNW/ - Pulse Oil Corp. ("Pulse" or the "Company") (TSX-V: PUL and PUL.WT) announced two Queenstown wells to be drilled and regulatory transfers for key Bigoray well reactivations have been received.
As previously announced on October 12, 2018, Pulse had sought regulatory approval to transfer one Bigoray well from the Orphan Well Association ("OWA") and a further Bigoray well from an arms-length third party.
Pulse has now received regulatory approval to transfer and assume 100% operatorship of both wells, allowing Pulse to initiate reactivation operations forecast to increase Bigoray production shortly. With funding in place for our reactivation program and enhanced oil recovery ("EOR") project at Bigoray, Pulse has added upgrades to the immediate infrastructure build at the front end of the reactivation program. This increased pipeline and infrastructure work planning is significantly more cost-effective and reduces future capital requirements within the EOR program, as well as immediately lower operating costs associated with Pulse's existing production once completed.
At Queenstown, Pulse is preparing to drill two horizontal wells from a single surface location. The wells will be the first exploration wells drilled by the Company since incorporation in 2017 and will target 3-D defined high-grade Mannville Glauc Lithic Channel deposits. Similar targets have recently been drilled in the same trend where Prairie Provident Resources, on September 10, 2018, has announced impressive drilling results. The two wells will be drilled back-to-back, followed by completion operations. Drilling operations are set to commence by early December and are forecast to take 4 to 6 weeks to drill and complete both wells.
Pulse President and COO, Drew Cadenhead, commented, "We're excited that after successfully closing our recent financing we are fully funded to start the major EOR project work at Bigoray as well as spud our first ever wells at Queenstown. Our strong, debt-free balance sheet allows us to ramp up operations in both properties and take advantage of the strong oil prices we are enjoying from the light-medium grade crude oil we produce. We look forward to providing further updates related to both our Queenstown drilling operations and Bigoray reactivations and ongoing EOR implementation at this very exciting time for Pulse Oil and our shareholders!"
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About Pulse Oil Corp.
Pulse is a debt-free, Canadian company incorporated under the Business Corporations Act (Alberta) that is fully funded for its next year of operations including the Bigoray EOR program and drilling in Queenstown. Pulse owns 100% interests in the Bigoray area of Alberta, which includes two Nisku oil Pinnacle Reefs as well as 100% interests in producing assets. Pulse is moving forward to grow production and execute an Enhanced Oil Recovery project to unlock significant value for shareholders through control of approximately 65 net sections of land across the Mannville, Cardium, Pekisko/Shunda, Nisku and Duvernay Shale trends in Western Canada. Pulse will also continue to focus on acquiring affordable, small to medium sized proven oil and gas assets with significant upside. The Company plans to achieve further growth through low-risk, technically diligent drilling within its Queenstown assets, infrastructure ownership and reserve growth utilizing proven enhanced oil recovery techniques and implementation of technology.
Neither the TSX Venture Exchange, Inc. nor its Regulation Service Provider (as that term is defined under the policies of the TSX Venture Exchange) has neither approved nor disapproved of the contents of this press release.
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The words "believe," "expect," "anticipate," "plan," "intend," "foresee," "should," "would," "could" or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such statements include, without limitation, statements pertaining to Pulse's expectations to achieve regulatory approval relating to the well reactivations as well as the planned operations and anticipated results related to the Bigoray assets, including the anticipated timing to reactivate the wells and Pulse's Queenstown drilling. Statements relating to "reserves" are also deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves can be profitably produced in the future.
The forward-looking statements are based on management's current expectations and beliefs concerning future developments and their potential effect on the Company based on information currently available to management. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting Pulse will be those anticipated. Statements in this press release containing forward-looking information include but are not limited to the Bigoray or Queenstown projects, their planned development and Pulse's operations. Forward-looking information involves known and unknown risks, uncertainties, assumptions and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. Important factors that could cause actual results to differ materially from those in the forward looking statements include, but are not limited to: the volatility of commodity prices, product supply and demand, competition, access to and cost of capital, the assumptions underlying production forecast, the quality of technical data; environmental and weather risks, including the possible impacts of climate change, the ability to obtain environmental and other permits and the timing thereto, government regulation or action, the costs, timing and results of drilling operations; the availability of equipment, services, resources and personnel required to complete the Company's planned operating activities; access to and availability of transportation, processing and refining facilities, acts of war or terrorism; and general economic conditions and other financial, operational and legal risks and uncertainties. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
SOURCE Pulse Oil Corp.